Any Beneficiary to a Contract Who Is Not Deemed an Intended

question 9

True/False

Any beneficiary to a contract who is not deemed an intended beneficiary is an incidental beneficiary.

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Definitions:

18-Month Insurance

This term refers to a prepaid insurance policy that covers a period of 18 months, recognized as an asset initially and expensed over the duration of the coverage.

Weekly Payroll

The total sum of all employee earnings paid on a weekly basis.

Supplies on Account

Supplies purchased by a company on credit, for which payment will be made at a later date, increasing accounts payable.

Historical Cost

The original monetary value of an asset or liability, recorded at the time of its acquisition or incurrence.